When Genesis first unveiled the GV60 Magma, my interest was immediately piqued. I already love the Hyundai Ioniq 5 N, so a shortened version of that platform with all manner of go-fast tech and a properly posh interior felt like taking things to the next level. However, one question’s gone unanswered until now: how much more expensive would it be than a Hyundai Ioniq 5 N?
As it turns out, not nearly as expensive as many were expecting, myself included. While speculative figures typically flew in the $80,000 to $85,000 zone, Genesis has surprised us all by selling the GV60 Magma in America for $71,495 including a $1,545 freight charge. That’s only $4,020 more than the Hyundai Ioniq 5 N was when it launched.
Now granted, Hyundai has recently lowered the price of the Ioniq 5 N to $61,500, so we’re still talking about a fairly serious premium for the GV60 Magma. However, in addition to the shorter wheelbase, unique suspension geometry, and all the calibration changes that make it a Genesis, the upgraded amenities you get make the $9,995 premium feel worth it.
If you’re into your music, one of the big creature comforts on the GV60 Magma will be the Bang & Olufsen sound system. It’s not of the same caliber as the Bowers & Wilkins system in a Volvo or the Naim system in a Bentley, but it’s a marked step up in clarity from the Bose system in the Ioniq 5 N. Then there’s the quality of materials inside. Stitched textiles all over the dashboard and door cards, a suede headliner, that lovely circular steering wheel with two-tone solid and perforated leather. Then there are the seats. The Ioniq 5 N’s seats are good, but the GV60 Magma’s 10-way memory front seats are more adjustable, one-touch presettable for households with multiple drivers, and still remarkably well-bolstered. In short, they’re a step up, and that’s important because the seat is something you’re constantly touching when you’re driving.
So, you get a properly lovely interior, but that’s not all. Dual electric motors delivering up to 641 horsepower ought to provide riotous acceleration, while the simulated 9,000 RPM V6 sounds interesting. Paired with Hyundai Motor Group’s simulated gearshifts, there should be proper engagement on hand even in a straight line. Early reports from industry colleagues speak well to the GV60 Magma’s chassis and steering tuning, so this should be one fun upscale EV.
As strange as it sounds, at a time where sticker prices frequently cause eyeballs to pop out of skulls, it seems that Genesis has priced the GV60 Magma right. It takes ingredients we already love, adds some meaningful luxury, and doesn’t charge an arm and a leg for it. For only $2,200 more than a Cadillac Optiq-V, you’re getting a lot more power, some promising drive modes, and an overall leg up in performance. Unless range is your utmost priority in a quick, posh EV crossover, the GV60 Magma sounds like a no-brainer.
Top graphic image: Thomas Hundal
“I’m thinkin of somethin orange, somethin orange…ya give up?
It’s an ORANGE!”
-Stanley Spadowski
I do like Magma as a car model name
Odd that range is mentioned at the end of the article but not disclosed. Google tells me this model will have 230-240 miles of range per US standards. Not…great.
A smaller more efficient wheel/tire package for daily driving/long distances would help alleviate, or at least reduce, range issues on performance EVs. And it’s one of the easiest “mods” to do. I can’t afford any of these anyway so it’s moot but if I could I’d want the Ioniq 6 N we probably aren’t getting now.
Still too expensive.
I really think Genesis is going to swing-and-miss with these Magma cars. They aren’t at a price point that really excites people. Not me, at least, and while I have no delusions that I speak for all enthusiasts, I can not imagine these selling in any kind of level that allows the brand to stick around. And it’s not just this model either. Magma is showing off some even higher end cars and it just all seems so tone deaf to me…. Completely missreading the market.
I do love the orange paint though.
Magma…
Nice seats, and of course I’m pro-orange.
I’m not in the market for a souped-up EV crossover, but I think I’d rather just have the Ionic 5 XRT instead, and put the $25K I saved in a 4.75% rate CD.
Even a non-N Ionic 5 is more than fast enough and considering rapidly all new cars depreciate, especially EVs, the less spent on one, the less money the buyer will lose.
Or is this kind of thinking letting the terrorists win or something? 😉
I can’t wait to see all 6 customer cars out on the road.
Orange all the cars!
Seeing as how you can also buy a construction orange Optiq-V at less than this… this price doesnt surprise me at all… if only that it’s this expensive.
Every time I see an Optiq, Lyriq, or Celestiq in person (which isn’t all that often, even here in car-crazy SoCal) I’m staggered by how unattractive they are.
Someone needs an eye exam. Those are all quite fetching vehicles, and their sales numbers back it up.
Beauty is in the eye of the beholder you know.
Some eyes have cataracts while others see in perfect 20/20.
Well to my eyes these cars are so bland it’s hard to see them at all.
I got some great news for you:
No one is forcing you to buy anything!
That’s not quite true. I am forced to buy clothes, food and shelter. Being a near naked hermit in the deep woods living off thge land is no longer a realistic, long term option. I do need a car because most public transit in this country is awful and inefficient. Mine is better than some but it still adds a multiple to the time it takes to run errands.
And when it comes to choosing a vehicle the market is increasingly forcing consumers to buy these awful, bland, bloated, useless tech laden monstrosities by eliminating cheaper, more practical options. There are fewer and fewer options that are indistinguishable to the blandness of these. Even the names “Optiq”, “Lyriq”, “Celestiq” are indistinguishable from the brand name of pharmaceuticals.
The only thing that would make this more ridiculous is to add a Dukes of Hazzard edition. At least the folks at Hyundai/Genesis are probably having a lot of fun.
This is silly and absurd. I love it! I’d turn off the simulated shifts and ICE noise to let this performance EV shine. That stuff sounds silly to me but I haven’t experienced it. Lastly, that orange is a wonderful color!
I see electric door handles.
The Corolla Grumunumnnm has manual handles. And a manual transmission.
Are you sure? Someone noted on another article that the Kia/Hyundai EVs are manually-actuated, and the outside handles just pop out for convenience.
Sure looks like it. Flush mounted, pop out when key detected or button pressed.
https://www.youtube.com/watch?v=LvOb-2yaog4
Right, but on the other Hyundai EVs, the interior handles are mechanical, and the outer handles can be actuated by pushing in the front edge of the handle. Not that I’m some kind of fanboy, I just think it’s a nice way to get flush handles without creating a firetrap.
Look like the same handles as on mine. They don’t open electronically, just electronically extend when unlocked.
I see, there is a manual way to open them. It’s still complication I don’t want, but there’s kind of a workaround.
Colleague’s Model 3 has the same setup, found the ergonomics of it to be poor, I feel like I shouldn’t have to poke the front of the handle to get the back out and then use a two-fingered claw to pull it. But my brain has limited bandwidth so maybe it’s me.
God that is such a good paint color. Hope to see some rolling around soon.
love the exterior. not going to lie, the interior ruins it!
I do like those seats.
Uhhh… the MSRP for the 2026 GV60 Performance AWD is $71,875. Is the Magma just replacing that trim and adding a lot more power? Because somehow it is 400 bucks cheaper. I am confused.
I like the competing headlines right now which imply $71k for an electric Hyundai crossover is a good deal but $64k for the Corolla GRMN is highway robbery.
I mean, you can get a base GRC for $40,000. An extra 24k for a rear seat delete and a tune is, in fact, quite silly. A base GV60 is $54,000. An extra 17k for twice the power and a whole bunch of performance stuff does feel a bit more reasonable, especially when the Ioniq 5 N it’s based on is $60,000ish. In that context I think this looks even better.
What you’re saying is that I could almost get two, regular, GR Corollas for the price of one of these?
Or one regular GR Corolla, and two Corolla LEs for mom and dad for the price of one of these Genesis’?
You can get a base GRC and a decent ND Miata for this price too….
If you play your cards right (and my own personal experience lending to these particular conversion figures)….you can buy approximately 141.5 non-running 2003 Audi A4s for the price of this GV60. What a rip!
Back in the day, we would gather a bunch of unreliable PCs into a Beowulf cluster and the resulting supercomputer would be surprisingly fast and reliable. Would a Beowulf fleet of Audi A4s result in an A8-like supercar?
LOL that sounds like my AI/ML homelab. I have 5x HP workstations in a compute cluster with 3 server nodes.
It’s significantly more reliable and useful than my A4.
Well there you go, proves the point! We just gotta bolt a bunch of engines and Haldexes together in a hypercube configuration and we’ll have the first gas-powered contender for the TOP500 list.
Now there’s a name I’ve not heard in a long time.
I helped a physics major friend of mine with a Beowulf cluster back in the day. Not sure how much practical use it got, but it sure was fun.
Also, the lease deals on these may be decent. Certainly a lot better than any Toyota.
Well, it’s Genesis, who IMO are making the best cars on the market at the moment. They are at least the equals of Lexus, if not better, and are a much more wallet-friendly option to the Germans despite offering the same or superior products.
Also, despite being the ultimate performance option, that MSRP is somehow less than the current Performance AWD GV60 trim, which is not at all something I anticipated.
That’s not competing headlines, lol. $64k for Corolla interior and build quality is madness, Genesis is far higher HP as well as luxury inside and out. Regardless of your opinions on drivetrain longevity this is a ragebait-tier comment.
I’d look at the 2-5 year depreciation on each before rendering a verdict on pricing madness.
And…”ragebait-tier”? C’mon….
I wouldn’t, because I’m decently smart with my money. I don’t rush to the dealership to trade a car in as soon as it’s paid off because I’m not an idiot. The newest car in my fleet is 10 years old.
I don’t care about 5 year depreciation because in order to care about it I’d have to be willing to sign up to buy a new car every 5 years, which just means I’m going to be in debt forever.
No thanks.
I also think it’s really funny that everyone comes dogpiling out of the woodwork to whine about “bUt DePrEcIaTiOn!” with EVs, but you never hear about it with comparable gas cars.
Why? Because if you’re really worried about depreciation you’d be buying off-lease to let someone else take the hit. Otherwise, it’s just yet another tired argument to try and prove why we should keep using old-fashioned ICE engines.
I’m glad I provided a convenient outlet for you to vent your spleen about oLd-FasHiOneD ICE carZ!!, and whatever perceived slight you think EV fans are receiving, but I’m not the droid you’re looking for here.
I’m just pointing out that the GV60 depreciates at twice the rate of the GR Corolla, so it’s a consideration when examining the finances of it.
Make of that whatever you want.
My cars are 9-10 years old and long paid off, so get outta here with that “I’m decent with my money” peacocking. If your $70K car loses 2/3rds of its value in 5 years, you’re going to need to be careful about being underwater during the loan, regardless of whether you plan to keep it for 20 years.
Every car loan is under water the minute you drive off the lot no matter what you’re driving.
I wasn’t accusing you personally of being bad with money, but the only people who give a shit about depreciation in the first 3-5 years are the ones who are locked in the cycle of trading in the car they’re still paying off every 3-5 years to take on another new car loan.
I seriously only see the depreciation argument come up when talking about EVs. No one bitches about the depreciation on a Rolls or BMW. It’s only on EVs, so it gets tiresome.
Honest question: Do you understand that a down payment will both keep you from being underwater over the life of the loan and reduce the total interest paid? If it’s a fast- depreciating car that down will need to be larger. Your first sentence suggests you don’t understand this.
I’ve heard people bitch about depreciation in gas cars, particularly German brands and non-BOF domestics. It’s kind of an old thing in car circles.
And as far as trading in every 3-5–that is not an automatic sign of bad money management. Some people make more money than you or I. They can afford it without changing their savings and retirement trajectories.
But that doesn’t mean they always want to burn another 30% of the cars value doing so.
Honest answer: You’re still upside down. If you drive it off the lot and immediately run it into a wall, the insurance company is going to give you the replacement value of a used vehicle minus your deductible, but the bank is going to expect you to pay off the new vehicle loan.
Guess which number is going to be bigger?
We’re talking about luxury segment buyers. They’re going to buy this thing because they want this particular car They’re not going to go buy a gussied up Corolla instead of a 600hp luxury car because they’ll lose less money when they swap it for a new shiny in a few years.
So,, if I buy a $60k car that loses $10k the moment I drive it off the lot and into the wall, but I put $20k down and was carrying a $40k loan on it, that’s underwater?
Yes.
First, it’s probably going to lose more like 12,000, but let’s go with 10.
You put $20k down on the wrecked car. The dealership is not going to refund that money. You will have to put another $20k down for your replacement $60k car.
So you’re going to get $50,000 less deductible from the insurance company, out of which you will instantly lose $40,000 to pay off the loan.
Then you will have to secure another loan but you will only have $10,000 left from your insurance payout so you will have to put another $10,000 into the down payment.
Now you’re $30k cash into your $60,000 car and you still owe $40,000 on the new one.
You’re fucking underwater.
That’s not what being underwater on the loan means. You don’t owe the down payment, it’s not part of your debt tot he lender that you need to pay down. Being underwater means you owe more than the car is worth. I owe $40K. The insurance pays me the $50K value. I eat the deductible, which isn’t $10K.
What you’re describing is the ass-reaming you get from buying a high-depreciation car like this Genesis and turning it in early, whether that means selling it right away or running into a wall.
I should probably have been a little more clear.
Standard accounting lingo and MBA-think go hand in hand. It’s a great system by which to trick people into doing what you want them to do with their money rather than doing what they should be doing with their money. Keep in mind, these are the guys who think private equity is a wonderful idea that we should all embrace.
Considering yourself to only be under water if you owe the bank more money than the car is “worth” is the approach the bank would love you to take because then you start thinking “well hell I’m not under water which means I have plenty of overhead to borrow more money and buy another car!” That’s why it’s not the right approach for your wallet.
You should be judging whether or not you are under water on your car based on the full financial picture. If you should be forced to swap your car for a completely identical car tomorrow, and you will have to put money on the table to do it, you are under water.
Maybe I’ll let some tech bro take the initial depreciation to the face then pick one of these up in a few years
That is what I did with the Polestar 2. Ioniq 5 N’s I have seen in the 40-45k range but I would wait until about 30-35k (if there are good CPO deals) but and it is a big BUT! I still dont trust Hyundai/Kia with their damn ICUU issues which were *fixed* but you still see tons of stuff online with 2025+ models still having the issue. My dad got a CPO Blazer SS a few months back weird thing is I might trust that more then Hyundai/Kia EV’s currently hah.
They seem OK except the ICCU, which has been given a 15 year warranty or something like that. So if your local Hyundai dealer service dept. is decent (which is a big question mark for me), then it shouldn’t be too much to worry about. Hell, a factory extended warranty for the Ioniq 5/6 isn’t that expensive either.
I forgot to add: my bigger hang up with the Ioniq is those stupid door handles. Pushes me towards a BMW i4 if I were to get a used EV.
That isn’t bad then but yeah big asterisk if you have a good dealer then it is also waiting for the parts which I have seen on forums and reddit peoples cars being there for months.
Unfortunately the used EV math still isn’t very good, when compared to aggressive lease deals that can be had.
That’s what I did with my EV6 GT. I let someone else lease it, and bought it with 12,000 miles on it for 45% of the original MSRP. A GV60 Magma may be on the list when it comes time to replace my EV6, assuming it follows the same depreciation pattern.
Matter of taste but I like the Ioniq 5’s styling better. Also this is one where you definitely want to get the good color.
Good color is a little subjective because I feel like the extrior styling is already so ridiculous it wouldn’t feel right without an obnoxious color like bright orange haha.
I almost liked the interior. Then I realized the whole dash is flat and ugly with a big dumb screen sticking up. And they lost me.
That’s literally every new car on sale today. Maybe not a base work truck. Anyhow, I see buttons and switches. Lots of buttons and switches.
And? Is that supposed to make me ok with bad cheap design? It will continue to turn me off to every new interior until the style changes. There are a couple of exceptions to that design rule, but the fact that its common doesn’t make it desirable to me.
So skip buying a car from this era. Me? I’m okay with minimal buttons if it’s done well, like Tesla. The UI is snappy and the most common functions are two presses away. They also stay in the same spots for the most common things. The screen itself is right there so it’s not a reach. For a buttonless screen interface, that’s about ideal. Every other manufacturer not doing that is on them.
Now too few buttons/physical controls is horrid. Tesla went too far with this, which is why I won’t consider a refreshed one.
Agreed in principle, but the Genesis isn’t like that. Tesla started the trend with the Model 3, which just looks like a plank with a big iPad on top, but this car has design elements in the dash, plus actual push buttons.
My main complaint is that the gauge cluster area isn’t recessed – I can’t imagine the screen is both bright enough to overcome reflected direct sunlight and dim enough to not dazzle the driver in other lighting.